Calgary, May 25, 2026, 10:03 MDT
Baytex Energy Corp. shares were down 3.7% at C$6.86 by 11:45 a.m. ET on Monday in Toronto, trading between C$6.77 and C$6.94, as oil stocks lost ground after crude prices pulled back. This came even as Canada’s main stock index pushed to a record.
Sectors were mixed. The S&P/TSX composite gained 0.7% to 34,778.98 points earlier, with all groups moving up except for energy. Energy lost 2.1% as oil prices fell.
Oil futures dropped hard. Brent lost 4.8% to settle at $98.57 a barrel, and U.S. West Texas Intermediate slipped 5% to $91.75. Traders reacted to talk of a possible U.S.-Iran deal that could reopen the Strait of Hormuz, the Gulf shipping lane that factors into oil’s geopolitical risk.
Baytex is seeing the effects, reporting that 88% of its Q1 output came from oil and natural gas liquids such as propane and butane, which are separated from gas. The company said on May 7 it averaged 69,478 barrels of oil equivalent per day, counting both oil and gas production together.
Baytex’s U.S.-listed shares were idle Monday as the New York Stock Exchange was closed for Memorial Day, May 25, 2026. The stock still traded in Toronto, where markets stayed open. Dual-listed Baytex was frozen on the U.S. side.
Oil stocks lost ground. Whitecap Resources fell 2.6%, Athabasca Oil was down 4.1%, and Tamarack Valley Energy shed 3.5%, according to quote data. Baytex ended the day roughly in line with other crude-focused Canadian stocks.
Baytex stock closed at C$7.12 on Friday, locking in a narrow band ahead of Monday’s slide. The stock is down 6.0% over the last four weeks, but up about 200% for the year, according to Trading Economics.
Baytex trimmed its 2026 output range higher, now guiding to 69,000 to 71,000 boe/d instead of the old 67,000 to 69,000 range. Spending on exploration and development is still near the high end of C$550 million to C$625 million. Net cash finished the quarter at C$591 million. The stock fell, but the company’s outlook was more stable than that move suggests.
Baytex CEO Chad Lundberg said first-quarter results show the strength of the company’s Canadian portfolio, in a statement dated May 7. Lundberg credited heavy-oil better-than-expected performance for lifting production past guidance and supporting a bigger three-year growth target.
Baytex got a few target moves but no rating changes. RBC Capital’s Greg Pardy raised his price target for Baytex to C$7 from C$6.50, keeping a Sector Perform, Sahm Capital said. Pardy is still listed as the RBC analyst covering Baytex.
Stocks rose on Monday, with oil moving down, after “even a non-zero chance the conflict ends” was enough to move the market, Brian Madden, chief investment officer at First Avenue Investment Counsel, told Reuters. For Baytex, though, it’s a different story—strong inflation data and improved risk sentiment didn’t help the crude-heavy name. Reuters
But the outlook is still shaky. If negotiations collapse or crude shipments through Hormuz remain blocked, oil could jump, which would support Baytex’s cash flow. On the other hand, if there is a deal and WTI keeps sliding, Baytex might run into softer pricing when it comes to its buyback and growth plans. The company has said its forecast counts on several things—oil and gas prices, differentials, costs, permits and more—any of which could miss the mark.
BAYTEX shares are moving with crude prices going into the U.S. session Tuesday, while traders aren’t paying much attention to any fresh company filings this week. For now, Baytex’s guidance boost from May isn’t driving the action; the latest move in oil is setting the tone.
